Repsol is poised to take back operational control of its Venezuelan oil assets and boost production following a deal signed with the South American country’s government.
The Spanish energy group is expected to announce the agreement on Thursday, which will include plans to triple production from its Venezuelan oil operations within three years and establish a “guaranteed” payment system that will avoid previous pitfalls under which Caracas failed to pay up, according to a person with knowledge of the deal.
Repsol struck an agreement with Venezuela in 2023 to continue operating its facilities there. But this lapsed when President Donald Trump revoked Repsol and other western companies’ licence to operate in Venezuela last year as part of US efforts to pressure the Maduro regime.